Eldorado Gold Reports Strong Performance for Full-Year 2009

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Researched by Industrial Info Resources (Sugar Land, Texas)--Gold mining company Eldorado Gold Corporation (NYSE:EGO) (Vancouver, British Columbia) reported an increase in revenues and a decrease in net income for full-year 2009, when compared to full-year 2008. Eldorado heralded its fourth-quarter acquisition of Sino Gold Mining as a major step forward for the company.

Net income for 2009 was $102.4 million, a 37.43% decrease from 2008. However, the company stressed that net income for 2008 included a gain on the sale of the San Bento Mine in Brazil of $72.5 million. Excluding this sale, net income for 2009 increased 12.34% over 2008.

Revenues from gold sales amounted to $358.47 for 2009, a 29.07% increase over 2008. Including interest and other income, 2009 revenues reached $360.73 million, a 25.15% increase over 2008.

"2009 was a very good year for us for exploration," said Norm Pitcher, the chief operating officer of Eldorado, in a conference call, noting increased reserves at the Kisladag Mine in Turkey and the discovery of new material at the Tanjianshan Mine in China. "We acquired a host of new exploration targets in China as a result of the Sino transaction."

Eldorado produced 363,509 ounces of gold in 2009, a 17.72% increase over the amount produced in 2008, at an average cash operating cost of $309 per ounce, a 20.23% increase over 2008. The total includes the 14,541 ounces produced at the Jinfeng Mine and the 6,148 ounces produced at the White Mountain Mine, both of which are in China and were acquired by Eldorado when the company completed the acquisition of Sino Gold Mining.

For the two mines already owned by Eldorado, the results are as follows:

• The Kisladag Mine in Turkey produced 237,210 ounces in 2009, a 24.63% increase over 2008.
• The Tanjianshan Mine in China produced 105,610 ounces in 2009, a 10.85% decrease from 2008.

Eldorado expects to produce between 550,000 and 600,000 ounces of gold in 2010, at a cash operating cost of between $385 and $400 per ounce.

"We have an exciting year of exploration ahead of us, with a budget of $35 million, and a total in excess of 20 drilling projects that we will be reporting in through the year," said Paul Wright, the president and chief executive officer of Eldorado Gold, in a conference call.

Industrial Info is tracking more than $230 million in active Eldorado projects worldwide, including the $142 million Efemcukuru grassroot gold mine and mill in Ismir, Turkey, which includes the construction of a 1,100-ton-per-day underground mine and processing plant and is expected to produce 112,400 ounces of gold per year. The project is set to be completed in December 2010.

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